ECO2023 - Fall 2009 Sample Test Questions - MU, Risk, Insurance

ECO2023 - Fall 2009 Sample Test Questions - MU, Risk, Insurance

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
C o o k i e s ( p o u n d s p e r w e e k ) H o m e r ’ s t o t a l uti l i ty 0 0 1 5 2 9 3 12 4 14 5 15 1) The above table gives the total utility that Homer obtains from consuming various quantities of chocolate chip cookies. The marginal utility from the fifth pound of cookies is A) 1. B) 2. C) 3. D) 15. 2) The above table gives the total utility that Homer obtains from consuming various quantities of chocolate chip cookies. The marginal utility from the third pound of cookies is A) 3. B) 4. C) 9. D) 12. 3) A consumer has maximized his or her utility by consuming A) at the midpoint of the budget constraint line. B) at the midpoint of the demand curve. C) so that the total utility of all goods consumed is the same. D) so that the ratio of marginal utility to price is the same for all goods consumed. 4) As long as the marginal utility per dollar spent on pizza is greater than the marginal utility per dollar spent on soda, then to maximize utility a consumer will buy
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 09/25/2010 for the course ENC 2023 taught by Professor Rush during the Summer '10 term at University of Florida.

Page1 / 3

ECO2023 - Fall 2009 Sample Test Questions - MU, Risk, Insurance

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online